Tenova, an equipment supplier in Italy, has signed an agreement to supply an electric arc furnace (EAF) equipped with Consteel® and the Electromagnetic Stirrer Consteerrer® to the Gwangyang plant of South Korean steelmaker POSCO.
POSCO spent two years searching for co-engineering and competitive comparison and ultimately chose to purchase the plant from Tenova.
The project is expected to start construction in January 2024 and officially become operational in 2026. The steelmaker said last year that Posco plans to install continuous feed and preheat EAFs with a maximum volume of 300 tonnes.
Posco's budget for this investment is KRW 600 billion ($462 million). "In the interim phase until hydrogen reduction steelmaking technology is commercialised and replaces the existing blast furnace process, carbon reduction efforts will continue with the commissioning of EAFs," it said.
Posco announced last year that it was discussing feasibility plans for EAF installation with international steel equipment suppliers including Danieli, Tenova, SMS and Primetals. The company is expected to install two EAFs with a capacity of 2.5 million tonnes/year at its Gwangyang and Pohang plants by 2027.
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